Capital gains and 1099B

[vicmyers]

After importing my 1099 transactions, smart review tells me to review errors on short sale transactions where there is a negative number in the proceeds box.  I don't how to correct or change it.  The number is negative on the 1099 form.

[GloriaL]

If negative numbers have been imported through your brokerage statement, you will need to edit the entries and make corrections. No negative numbers should be entered in either the cost basis or proceeds fields.  

To make adjustments:

1. Open your return in TurboTax.
2.  In the Search box enter “1099-b”.
3. Select the Jump to 1099-b link.
4. You will see all of your entries for your sales of stock.
5. Click on Edit next to the one(s) you need to change.
6. Then click on Continue.

[vicmyers]

If I change the negative to a positive, the gain changes.  How can I eliminate the negative and maintain the same overall gain/loss?

[DianeW777]

There are a couple of options (no pun intended), that you might try that should eliminate this experience. 

These particular steps may provide the ability to post a negative value to form 1099-B, Box 1d.

1. Select the option for a 1099-B
2. Select to type it myself
3. Enter Bank
4. I'll enter one sale at a time
5. Enter the stock data and leave 10d BLANK
6. When you hit Continue you will get a RED error message
7. At the bottom of the screen select Allow me to continue with incomplete information  > Continue
8. Any less common items will be blank.  Select Done
9. No this is not employee stock Select the last item An adjustment is required for reasons not already covered.Enter the negative number that you had in Box 1d.
10. This will complete the transaction 

Another option is to put $1 in the proceeds box and then add that $1 to the negative gross proceeds as your cost basis (positive figure). This will provide the accurate results of income and tax.  The most important thing is the correct end results on the tax return.